Market move
Bitcoin pushed past the $69,000 mark on Monday after reports circulated that a ceasefire framework had been delivered to both Iran and the United States, a development that could clear the way for reopening the Strait of Hormuz. The world’s largest cryptocurrency last traded 3.4% higher at $69,065.9 by 03:38 ET (07:38 GMT).
Ceasefire framework details
According to reports, the plan outlining how hostilities could be paused was prepared by Pakistan and exchanged overnight with both sides. The proposal described a two-tiered approach: an immediate ceasefire followed by talks aiming at a wider settlement. Sources indicated that all elements of the proposal needed to be agreed on by Monday.
Additional reporting noted that Washington, Tehran, and regional mediators were discussing a possible 45-day ceasefire as part of a two-phase arrangement that could eventually lead to a permanent end to hostilities.
Political pressure and deadlines
The gains in cryptocurrencies occurred even as Donald Trump continued to apply pressure on Tehran. Trump said Iran had until Tuesday evening to restore tanker traffic through the Strait of Hormuz or face attacks on strategic infrastructure. He specified that the deadline would expire at 8 p.m. Eastern Time and warned that Iranian power plants and bridges could become targets if the shipping route remained restricted.
Macro backdrop
Investors were also digesting stronger-than-expected U.S. payrolls data released on Friday, which reinforced expectations that the Federal Reserve may keep interest rates elevated for longer. That mix of geopolitical relief and persistent monetary tightening prospects contributed to how markets priced risk on Monday.
Altcoins and broader crypto market
Most major altcoins advanced alongside bitcoin amid the risk-on tone. Ethereum rose 4.8% to $2,135.92. XRP gained 3.4% to $1.34. Solana and Polygon were each up about 3%, while Cardano jumped 6%. Among meme tokens, Dogecoin increased 2%.
Outlook
Market participants are weighing the immediate potential for eased shipping disruptions against the ongoing geopolitical rhetoric and the implications of resilient U.S. labor data for interest-rate expectations. Both sets of forces were reflected in the moves across cryptocurrencies on Monday.